How To Use The 80/20 Rule Of Business Generate More Profits

How does this work? Well, I am glad you asked. In this week’s Say Yes To Profits TV I discussed how 80% of your revenue is generated from 20% of your client base which results in a larger bottom line. This is known as the 80/20 Rule Of Business. This means that there is a small amount of your overall client base 20% that is generating the largest amount of revenue you earn – 80% of it.

Because this 20% of clients’ “know, like and trust” you, they will continue to work with you month after month and year after year. The most important thing you should do for this group of special clients is keep them happy!

Below are a few key ways to keep them happy and keep your profits increasing:

Conduct weekly client check-in calls. This is where you reach out to them each week to see how things are going. This is not a discovery session or strategy call, this is a value-added call. This call can be completed by you or someone on your team. This call should be no more than five minutes top. Please note that this call is not for the purpose of offering advise. This call is to determine where they are in the work progress and if there is something else you can assist them with.

Offer Statement Of Credit. A Statement Of Credit is when you subtract a certain amount from their monthly bill because they referred a new client to you. The amount can be as low or as high as your budget will allow. In order to promote your Statement Of Credit offer, you will send reminders twice a month in different forms.

Upsell To Current Clients. This tip matches perfectly with tip one. During the weekly calls, you are able to determine based on the conversation if they need additional assistance from you. During the call, if the client expresses a concern then your next step is to schedule a discovery session where you can discuss it in detail. Your job is to always be ready to solve the client problems as it relates to your field of expertise.

Offer An Annual Client Appreciation Event. Host a special event each year for your clients. Normally this type of event is for clients that have work with you over a period of time or on a higher level. This event can be held the first of each year or on your business anniversary. Examples of this type of event could be a dinner, cook-out or trip. The event is paid for by you and it allows your clients to network with each other. This is an additional added value for your clients.

Always Operate In Excellence. This is a given. Always go above and beyond for your clients. With every interaction, show them that you appreciate and are truly grateful that they decided to spend their money with you.

Your goal as a CEO is to always make your clients feel good about working with you. As women, we often operate and make decisions based on our feelings. If you can do your best to make your clients feel good you will continue to earn revenue and generate big profits!

.

CEO of Say Yes To Profits, a virtual CFO and bookkeeping firm that focuses on educating dentists, consultants and services-based businesses on how to use their numbers to increase cash flow, boost profit margins and grow their business faster.

Founder of the Say Yes To Profits Academy and author of the bestselling book, Say Yes To Profits NOW, Octavia”The Profit Maximizer” Conner is known as America’s Leader in Profit Maximizing For Small Businesses. She is equipped with over 14 years of finances, accounting, and business development experience.

Octavia Conner is a high achieving accountant and financial management consultant who specializes in closing financial gaps and locating hidden money leaks in order to significantly increase profit margins.

She has a keen eye for improving the financial health of a company and as a typical result, clients double (even triple) their bottom line within the first 60 to 90 days of her guidance.

Grab Your Free CD Today!

Connect With Us

Say Yes To Profits is a virtual CFO and bookkeeping firm that specialize in helping 6 figure business owners remove the stress of financial management, so that they, increase cash flow, boost profit margins and grow their business faster. Are You Ready? Click below to request your discovery session today.